Concerned republic first bancorp directors oppose potential harmful actions by other company board members

New york , march 4, 2022 /prnewswire/ -- a consortium of concerned directors (the "concerned directors") of republic first bancorp, inc. (nasdaq: frbk) (the "company") today issued the following statement in an attempt to dissuade certain incumbent members of the company's board of directors (the "board") – vernon hill, theodore flocco, barry spevak and brian tierney – from proposing or approving actions that the concerned directors believe would be harmful to the company and a number of constituent groups, which might destroy shareholder value. proposed related party transactions could harm the company the concerned directors request that the following proposals be tabled until after the upcoming 2022 annual meeting of shareholders (the "annual meeting"): extension of a related party agreement providing a retainer for a company owned by chairman and chief executive officer vernon hill's wife for architecture, interior design and related services; agreements obligating the incurrence of expenses related to the opening of new branches and the renovation of existing branches; and most critically, proposed amendments to certain employment contracts that would provide significantly augmented severance payments to, and risk retention of, key executives should mr.
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